Go Legal Yourself!, 2nd Edition

CHAPTER 4How Do I Grow My Small Business?

The Growth phase is an exciting time for any small business. The primary goal of a startup is to get customers, deliver goods, and reach the breakeven point as quickly as possible. However, growing a small business is not easy; it's one of the toughest challenges many face. The success of your small business depends on your efforts to grow profits using various methods. From employee training to marketing, every aspect of your business deserves attention. The focus of your business changes as it moves beyond the Startup phase and into the second phase of your Business Legal Lifecycle^®, the Growth phase. The Growth phase can mean so many different things to a business owner, and it can be measured by multiple indicators. Let's first define what growth is for a business.

What Is Growth?

A business dictionary defines business growth as “A phase in the life cycle of an industry when companies move beyond the Startup phase into a phase of increased competition for market share.” Another definition provided by the business dictionary is that growth is “The process of improving some measure of an enterprise's success. Business growth can be achieved either by boosting the top line or revenue of the business with greater product sales or service income, or by increasing the bottom line or profitability of the operation by minimizing costs.”

Whether you have a hair salon business with a few employees or a software development company with ...